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HomeCrypto NewsAnalysisCardano Slips Below $1: Can ADA Bulls Defend $0.90 Support?

Cardano Slips Below $1: Can ADA Bulls Defend $0.90 Support?

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Cardano fails to hold above the $1 level. Will sellers test the $0.82 support as the broader market pulls back?

The total crypto market cap (excluding Bitcoin and Ethereum) has declined 1.62%, bringing the altcoin sector down to $1.05 trillion. Amid this pullback, Cardano has experienced a 3.35% drop over the past 24 hours, reducing its seven-day return to negative 8.61%.

Currently, Cardano is trading at $0.964, having lost the psychological $1 mark. Its market cap now stands at $33.90 billion.

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Cardano Price Analysis

Looking at the daily chart, Cardano’s price action shows a decline below the $1 level. The current pullback from the $1.10 zone appears to complete a double-top reversal pattern.

Cardano Price Analysis
Cardano Price Analysis

At the moment, ADA is trading at $0.9657, reflecting a 1.75% intraday pullback. This marks its second consecutive bearish candle, signaling a failure to break above the 20-day EMA.

As the correction phase extends, sellers are pressuring the 50-day EMA. If this bearish trend continues, Cardano may test the $0.90 support level, which aligns with the double-top pattern. Below that, the next significant support lies at $0.8365, which aligns with the 100-day EMA.

The intensifying pullback is reflected in the daily RSI, which has fallen below the halfway point, indicating increased selling pressure.

However, if the broader market recovers, key resistance levels for Cardano will be the $1 psychological mark and the 23.6% Fibonacci level at $1.05.

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ADA Price Targets

Currently, Cardano maintains its higher-low formation, which supports the potential for a bullish reversal. If this trend continues, the ADA price could form an ascending triangle pattern, with the $1.10 resistance zone serving as the upper boundary.

However, if Cardano drops below the $0.90 neckline, the bullish outlook will be invalidated. In that case, further declines could push the price towards the 200-day EMA at $0.70.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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